22% pass rate and the problem with 300 hours

[@matthoeft8385]

I've been waiting for this commentary all week, and I agree with your observations about the amount of time required to pass: it takes what it takes. Thanks, Dr. Mark.

[@Hyper-dolphin5701]

Dear Dr. Meldrum! Just wanted to say thank you very much for for your lectures, review videos and other materials! Today I’ve received my results of my Aug CFA lvl 1 exam, I passed with result much higher than MPS! Your courses, your advices how to structure exam preparation and the way you teach is invaluable for me! Definitely will stick with you during this journey! Thanks again for being such awesome tutor!!!

[@MarkMeldrum]

Congrats and welcome to Level 2!

[@jonathanlee5442]

I failed level 1 Dec 2019 which had a 42% pass rate. Immediately scheduled for the next exam, then it got deferred 3 times. Finally sat for the exam in July and passed the historical low 22% rate. I studied for the exam as if my life was on the line.

[@boitumeloletsuma2406]

Congratulations 🎊🎊 all the best with the remaing levels

[@nicholascapulong6166]

Good job bro thanks for the motivation

[@alaataktokani8884]

I done the same thing the only difference I failed July exam haha , I congratulate you on your success

[@fairylu9866]

Congratulations!! Would you like to share with me how to prepare the Level1?

[@rashdaddypogboom2375]

Bad idea. The CFA is not worth it.

[@bigworm3886]

This is the video everybody was waiting for. Thank you so much for providing clarity to what has been a such a frustrating explanation from the CFAI.

[@deshanchathurangarc]

I passed July level 1 exam and I couldn't have done it without you. You're the best of the best. Thanks for being such an amazing human being!

[@ismailcontractor7473]

Can you please tell me how did it help you and did you go for coaching ?

[@deshanchathurangarc]

@@ismailcontractor7473 I studied with the CFAI curriculum (learning ecosystem) and watched Mark's videos parallelly to get a good grasp of theory. For level 1 I watched only the free content on this channel.

[@abf2790]

This was very revealing! I appreciate the last part the most , about the 300 hours. Your insight is extremely valuable: It is important to have perspective on where the motivation comes from, because that will impact the number of hours needed to put in, also taking into account that 300 may be an skewed average. This is real food for thought before going into action. Thank you deeply

[@dionjaba4975]

CFA content is not necessarily difficult compared to other finance courses / programs. It is a test of commitment, dedication & discipline. Some MSc in Finance are very difficult content wise as courses go to super granular level. However, you get assignments , projects, quiz & final exam. Unlike CFA, you ve to be driven & consistently studying at least 4 to 6 months with no supervision.

[@3ZOZ1KSA1BOY]

CFA style of questions is a pain in the ass, they are intentionally written in a retarded way in order to confuse the exam sitters (candidate). The curriculum is fairly easy if you majored in finance or any related discipline. However, the questions are the real deal-breaker.

[@caiop.4972]

It depends on how you define “difficulty” and on your particular skills. As a PHD in economics and a Level III candidate, I find it very hard to assess which is harder. No individual exam on the PhD or the MSc came even close to requiring that much content. The CFA is “a mile wide and an inch deep”-kind of test, so it favours memory skill. The PhD and the MSc exams required a deep understanding of limited topics. The underlying math of the CFA exams is at a high school level, but I have seen many smart people give up on the program.

[@dionjaba4975]

@@caiop.4972 first have to acknowledge your status as a Phd student - I salute you. Am just getting started with L2 and its more less my MSc.I stick to CFA is difficult because you lack schedule & structure + got tonnes to study..though same content as my MSc & the prof discussed at high level - expectaion was you know or can study and understand specifics. What uni are you in?

[@dionjaba4975]

@@3ZOZ1KSA1BOY for sure - i thought I failed L1 - I wouldnt say dumb questions but questions that require you to think critically. For me was an elimination game.

[@gmostm]

"I don't have a monopoly on clear thinking" - Dr. Mark Hahaaa I love these videos

[@mergo10]

Hello Dr, please try to make a video for November level 2 candidates. Thank you for the great content.

[@abdoulafizehalilou1659]

Thank you Mark. I have passed L1 this July within the 90th percentile. Your videos did it for me!

[@PS-hi9os]

did you buy the complete package? like videos and notes and stuff?

[@karmapolice8292]

I passed level 1 this July and reached 90th percentile with around 55% on Ethics lol. I managed to get above 90% for several sections and I def spent almost 400 hours for this test.

[@husu123456]

I passed lvl 1 this July by self-study only.8 of the modules were over 70%, only fixed income and corporate finance were below 70%. Yet I was above the MPS, not above the 90 percentile. I am considering to take level 2 February session. I hope Meldrum videos help me on this one.

[@kanvikalyani500]

hey how was your study pattern? and from which books did you study? my exam is scheduled in feb 22 for level 1

[@tsuigordon1108]

Strange. All my modules were over 70% except the fixed income one. But I am above 90th percentile. Does that mean the difference between MPS & 90th percentile is not that far away in July CFA Lv1?

[@husu123456]

@@kanvikalyani500 My exam was deferred twice because of pandemics, also I have a BSc and MSc finance background. I reviewed 50 day the Schweser books with the CFAI questions in the online web site. I didn't have time for the mocks, I just exercised all the tests twice. Otherwise, I would say 3 to 5 months is necessary regarding your condition, I remember I finished studying Schweser books in 2 or 2,5 months.

[@husu123456]

@@tsuigordon1108 I believe so, otherwise I thought my score should be above 90th percentile.

[@abhisheksn0304]

@@tsuigordon1108 A 22% pass rate would imply that candidates above ~78th percentile passed. Not that wide a margin between 78 and 90 I suppose. As opposed to when the pass rate was 40%+

[@starlord6088]

Everyone trying so hard to pass and get that certificate but most don’t realize it’s the studying for the exams which is the best part. It’s about the journey, not the ending.

[@Chessmapling]

Ultimately society is results-oriented, not journey-oriented. Your return on the blood, sweat, and tears is only measured by whether you have the 3 letters after your name. The exam is an opportunity and financial cost and us candidates want a return on that. If the goal is only to learn, one can simply buy the CFAI textbooks and read them on their own time.

[@lucasszymkowiak6765]

@@rashdaddypogboom2375 In my 4 year work-experience, I would never learn so much about so many broad finance topics, if I did not pursue the charter. Those 3 letters give you really solid understanding on what is going on in the financial world. I really doubt you can gain such level of understanding from any other course.

[@sandrissd3634]

I agree with you

[@rashdaddypogboom2375]

@Lucas Szymkowiak Fair. But what is the value of that? At the end of the day, you’re going to be thrust into a siloed role in Finance where all that broad knowledge doesn’t do much for you. Also, your day, practical job that you spend 60 hours per week on is going to stay with you for a long time. CFA material leaves my memory all the time. I’m taking Level 3 in May but beyond studying on the weekends, I won’t do much more. I cannot sacrifice my high-paying, highly-competitive job for some marginal value add that most iBankers, PE fund partners etc. do not have.

[@flj8]

Exactly, it’s about the journey. Also, even if you indeed learn more though financial work experience, the CFA gives you a clear framework and structure about the financial overall industry, something that is practically impossible to get from any financial specialized job.

[@user-rb4lv4if9q]

Always looking forward for your insights sir

[@straighttalks-ajsrmek323]

Great stuff Mark, this seems to be a reality check many of us may have needed.

[@TomWest80]

Dr. Meldrum, as a deferred August candidate, I can confirm two things: 1) when deferred, we can NOT reschedule three months away; it must be 6 months away, so Feb '22 for me. 2) we must now take 2022 curriculum.

[@TARUN9808]

The video we have all been waiting for.

[@gmarino3324]

I prepared with Dr Meldrum for L1 and sat in August. Pass or not, will continue my journey with him. You'll not find someone as dedicated and professional in this space. Add a couple of brownie points for dry witty humor and you're set. Thanks for your perspective.

[@lucasmichaels2204]

Dry witty humour? Does he also work on this skillset YoY?

[@xdarshan]

All I have to say is 70% on Ethics did not save me when my confidence intervals included the MPS.

[@josephbentley8212]

I think it is about time the CFAI becomes transparent with their grading. They teach us to be ethical, yet they continue to justify withholding the quantitative passing score where we are continuously left to speculate on how they grade an exam each year. If they've raised the passing score, so be it, candidates will adjust their study strategy according. Just be transparent, It's the least they can do considering the amount of time, money, and let's be honest, personal sacrifice candidates undertake. Just my two cents

[@mohamedmaher1942]

Don't be mad that you failed bruh. Data is theirs. They are under no obligation to share it. It's not a matter of ethics.

[@olegvoronov3685]

@@mohamedmaher1942 Data is theirs so is an explanation. They provide the explanation which it looks like very few even among the CFA charterholders believe. Is it ethical for any company to provide you with a misleading explanation as long as the data is theirs? I can lie about something provided that the data is mine and am not under obligation to reveal it? Something new in ethics indeed.

[@14534]

@@mohamedmaher1942 data is theirs but we are their customers - we pay them with the goal of obtaining the charter after putting in the requisite work. It’s customary for all of us to be significantly more transparent with our own clients, about what value they can expect to receive for the fees that we charge. Knock wood, I haven’t failed yet, but I’m not a fan of the opacity in the process.

[@Alaf-t9e]

It's a money grabbing grift industry.

[@mcli8802]

4 days late, you been proved again that your analysis was correct. 👍

[@pranavkinger]

I've always told people not to look at that 300 hour bullshit because everyone has a different level of understanding and grasping ability. It took me roughly 450 hours and I cleared the lv1 exam. You typically need to give yourself 5-6 months to prepare (including multiple revisions and mock tests) in order to give yourself a good change to clear the exam. Cheers!

[@rashdaddypogboom2375]

What a bloody waste of time. I can think of 1 million more productive things to do with my life than spending that many hours studying for the introductory level of an exam that is barely recognized in the upper echelons of Finance.

[@Chessmapling]

It still bothers me that we did not see this plunge in pass rates for Feb 2021, which likely had a lot of December 20202 deferred candidates as well

[@qroom1989]

The feb 21 folks were probably all folks who were well prepared for the exam. Everyone who didn’t feel prepared deferred past February.

[@tonystank5662]

Aches. I missed the MPS by a whisker in Feb. Would've gone through if the MPS was consistent with the ones in the past years. Now seeing the pass rates drop so low kills me even more. Missed out on this year's best chance to pass it by such a small margin.

[@mookamelimoeketsi3177]

Very insightful as always. Thanks a lot Dr. Mark

[@dariuszz.235]

highly recommend dr Mark all videos if you want to pass all CFA exams

[@Blesbles234]

How do we get his videos??

[@MarkMeldrum]

Www.markmeldrum.com

[@martongoba2044]

What I dont get about 300hrs is how do people count them. I have passed 2 levels of the CFA exams but I dont know how many hours I spent on each. Most prep provider's sites do track your hours but for some candidates, myself included, use prep providers as a supplement to the CFAI material. I spend a lot of time using the actual CFAI cognitive portal which does not show you your active hours, and I also spend much time researching topics that I dont understand on Reddit, Analyst Forum, etc. All these hours are uncounted for.

[@chillpill9813]

That’s so true! How do you count it? Lol what if you get distracted for 10 minutes during your study session, fo you account for it?

[@martongoba2044]

@@chillpill9813 lol. Exactly the point, there are so many times when you study for 5 hours but only 2 hours were productive.

[@auyon84]

It helps to break down your study time into intervals of 30 minutes and try to focus that entire time, knowing that you can give yourself a short break after that to do whatever you want. Count that as 30 minutes for that day, repeat. It's not that difficult if you keep a spreadsheet recording your daily progress (columns for day/date, topic you studied, hours for that day, and notes). I've done it successfully for the first 2 levels and intend to do the same for the 3rd.

[@Anonymous-we4eu]

Was waiting for this video!!!...thank u prof!!

[@dionjaba4975]

Passed L1 July - prepared with Dr Mark 🙂.

[@karishmaagarwal3848]

Hi Mark. Thanks for your help throughout. With 20 days remaining for CFA L3 papers, we candidates are waiting for your video for the strategies to follow in the last 20 days for going through mocks and revision. It would really really help if you could please put a video on the same asap. Thanks

[@Brotherhood1924]

I passed all three levels on my first try, however, especially for level 2 and 3 I put in much more than 300 hours for studying. Even though it felt after 300 hours that it might be enough for passing, there was always a piece of information that I could add and I always thought, what if a question about this information makes the difference between pass and fail...In the end I passed all levels quite comfortable, but I think going these extra hours for the small details brought me there

[@mathiz1800]

Hi Dr. Meldrum. Thank you for your invaluable insight! I enjoy watching your videos, both on youtube and on your website during my studies. Just a question from my side: do you perhaps know what the correlation is between students scoring high on your mock exams and those students actually passing the final exam? Thanks again. Matthew

[@SiddharthS96]

Mark you were right! The CFA institute has released an official video and statement on their site telling that the lower pass rates are due to the deferred candidates scoring lower on average than those who weren't.

[@bm8350]

Not sure I’d pass rates include those who deferred and then never sat, but I fall in that category. I was ready to sit for L2, but COVID pushed my back a year so I just pivoted to my MBA. I’ll consider coming back to CFA once I’m settled again.

[@milesmueller2836]

I'm 20 and I studied 500 hours to pass May 2021. Barely scraped 70% on mock exams. Luckily all the work paid off on exam day because I was able to break 70% in 8 categories. Where the CFAI sets the mps is out of the candidates control. All you can do is study hard and learn the material to the best of your ability.

[@caniripurjuul8142]

As much as I think this man is a damn genius and has taught me more than any of my undergrad finance professors ever could, I have to disagree with the mps not being raised. I took my topic scores and pasted them into MS paint, counted the pixels between my topics scores and divided by the overall pixels on the vertical axis to get the percent scores on that topic. The weighted average of my score came out to around 71-73%. Now this could be wrong since I used the median of the topic weights, and I will never know how the exam was truly weighted by topic. But going off this alone is infuriating knowing this was a pass anytime before the May 2021 exam, presumably.

[@MarkMeldrum]

First, thanks for the damn genius comment. The MPS controls for the level of difficulty. If every question were 2+2=?, 8/4 = ?, 3*7 = ?, for CFA candidates the MPS would be 100%. If every question were to calculate the 3rd derivative of a complex non-linear function with 12 IVs, then the MPS might be 2%. So the MPS will fluctuate with the perceived difficulty of the questions so that the level of required competency remains stable over time.

[@caniripurjuul8142]

@@MarkMeldrum ahhhhh I see! I appreciate the clarification and your services as a whole!

[@siddhant_mutha]

@@MarkMeldrum thanks for the reply, Dr Meldrum. Does that mean all questions are not weighed equally and candidates are awarded points in MPS calculation ( more or less ) based on the perceived difficulty of the question being asked on the exam?

[@avasummer-reeves1771]

Maybe some successful candidate tried 5 times until he passed and each time 300h... For the specific exem he studied 300h, but in reality its was 1500h haha

[@tuyakulamusheko169]

Good lesson on self awareness

[@albano2910]

it would take 200 hours only to read the curriculum once trying meanwhile to understand something, so, i dont know where 300h came from

[@egoisticrayyan433]

It took me 300hrs to get through the curriculum/functional learning And i have reinforcement learning left And i guess i will spend more 300hrs onto it with practicing

[@namduong8437]

You even said it that it takes 200 hours to read once. But reality is that an additional large amount of time spent on reviewing the second, third, fourth, etc time in order to memorize and practice

[@albano2910]

@@namduong8437 300h is if you DONT want to pass the exam. If you want to get a good chance to pass i suggest 600h and even more

[@namduong8437]

@@albano2910 i think i misunderstood your original statement then as i thought you mean 200h is all it takes to pass

[@bayanm.3564]

I don't buy their explanations it is our time and money they play with

[@Residentevil659]

Cbt format is cheaper but still increase the exam fee…lower the pass rates…absolutely non sense and ridiculous

[@tajiktexts]

E(time ! passed) - how they know this info? Is it via after exam survey sent to a sample of exam takers (who passed or didn't passed)? If you received such survey and others did not received such survey does it mean you passed? Due to limited time and work burden I did not spent 300+hrs, probably around 100 hrs. But i have ACCA, FRM, so many areas were familiar to me.

[@elpf7064]

I have been deferring since mid 2020. Finally sat in July 2021. Started to study 4 weeks before the exam. Put around 120h (mostly practicing questions). But I have MScF and a good memory. So passed above 90pctl. To be honest, the exam was fair and easier than I personally expected.

[@hannancooldudes]

What is the process of deferring the exam and are there charges involved? TIA

[@elpf7064]

@@hannancooldudes it was offered due to covid restrictions in my country. And it was free of charge

[@brethitmanhart275]

Illuminating as always. I ballsed up Quant and FRA on the May exam and now trawling through to make sure I at least nail those two topics next time (Feb 22). Using logic makes me think of Norm Macdonald. Do you have a doghouse?

[@jackylam2635]

I happened to be fortunate enough to pass July exam. Ngl I had always thought I was going to fail the exam as I saw the May pass rate and the fact that I only had little more than a month to study for the exam. My advice would be focusing on the heavy weighted modules and top scores on one or two other not so heavily weighted modules. Good luck all.

[@kanishkkaushik5800]

I am going to sit for Nov Level 1 exam and have started studying now, my plan for now is studying the syllabus until 31st October, revise until 10th of Nov and give mocks until 18th of Nov that is my exam date. I plan to focus heavy on just studying and low on practicing as I don’t have much time left, is this approach advisable by you and what more should I change in my plan according to you.

[@kanishkkaushik5800]

One more thing that is giving me headache is that for me to complete the syllabus by end of October I have to study 2 chapters per day, even if I manage to would I really remember all this information until the exam day

[@jackylam2635]

@@kanishkkaushik5800 depends what studying material you are planning to use. If you are doing nov exam but only starting now you going to need a lot of time to complete all the readings on the CFA site (I have tried myself and I know there won’t be enough time to finish all the readings). My approach was to look for some summary notes on the readings, do some qs and read again on the modules that your not performing well in until you get 65-70% range (guess around 73% now cuz of the MPS). Prioritise the heavy weighted modules, leave ethics at the end, one or two days before exam day would be enough so things stay in your mind.

[@kanishkkaushik5800]

@@jackylam2635 thanks a lot for the insights, I am using Schwesar books to study btw

[@jackylam2635]

@@kanishkkaushik5800 I don’t know about Kaplan books but I used Kaplan q bank and some notes online. Good luck 👍🏾

[@Alaf-t9e]

FOLLOW THE MONEY. The more people fail, the more money the "CFA INDUSTRY" makes. It's just a grift. You can become an expert with disciplined daily self study on any topic without spending this ridiculous amount of money on a fxcked up industry.

[@chinguunbattulga1938]

Thank you, this was so insightful.

[@s.m.hassan3887]

dr mark ur commitment and dedication to cfai is exemplary and commendable. More than 90% of all cfa candidates get motivation from you, pls continue guiding us.

[@spr9766]

Bois I spent about 300 hrs on L3 study and it was fine. However I have a finance background

[@neha3608]

I have been deferred thrice I live in India

[@matthoeft8385]

That's terrible. I hope things go smoother for you in the future. Best of luck.

[@sanketsawant7475]

Same

[@Bogdanbmm]

key q: if I go for L2 Feb 2022, can I go for L3 in the same year (I guess Novermber) or ? On the CFA website for L3 only says May 2022 ? thank you !

[@MarkMeldrum]

Yes, November.

[@TH-du8nc]

pretty much at every single other exam that has been offered by cfa a 70% mps wouldve passed you easily, but all of a sudden its not enough. What a crock of shit, the difference between someone that scored 70% and 80% mps is miniscule in terms of actual material learned and understood. Writing Nov and if it's is as ridiculous as the past two sittings im going to go spend my time better actually investing my money rather than wasting time learning about obscure theories like efficient market hypothesis.

[@marklandsoliva6402]

Any reason why there is currently only the Feb 2022 exam date for CFA level 2 exam? I take CFA level 1 in November and was hoping to take level 2 later in the year.

[@TheNick1569]

Great content as always.

[@mohamedmaher1942]

Hi Mark, Big fan of the channel. Used it for all three levels. Happy to report that I've passed but still follow your channel. Had a question for you as an educator: What do you reckon the minimum IQ is for a student to pass all three levels? I've postulated that it's at least 120, assuming that the average IQ of a university graduate is roughly 115ish and the curriculum is more mathematical in nature (implying upward bias). I also reckon that the average being something in the 130 range. Have you given it any sort of thought? Curious to know what you think.

[@MarkMeldrum]

I don’t know about a minimum, but I am certain the probability of passing is an increasing function of cognitive ability.

[@mohamedmaher1942]

@@MarkMeldrum Let me ask you a different question. In a class of 30-40 3rd/4th year students, how many students would you say are capable of passing the CFA.

[@zestymince]

I'm not an educator but the average IQ of a charterholder should be bang on at 130. Let's do the math: Average IQ of college graduate: 115 Percentage of population with IQ of 115 and over: 16% Percentage of candidates (at least college graduate) who obtain the charter: less than 20% Percentage of candidates who pass all three exams in one shot: roughly 10% So being generous: 16% x 20% = 0.032%, meaning those who are 96.8% percentile (128 IQ) or over are should be obtaining the charter. This is minimum average. Next, 16% x 10% = 0.016%, so 98.4% percentile (132 IQ) should be obtaining the charter in one shot (pass all three levels on the first attempt). Take the average: (128 + 132) / 2 = 130 which should be the average IQ of CFA charterholders :)

[@mohamedmaher1942]

​@@zestymince I am going to add a layer of complexity to this question that I think is worth noting: the average IQ college graduate that you've listed is an American figure. But the pass rates for the CFA are an international number. Apples vs. Oranges. You need to standardize the two sets of data. If we had pass rates in the US (which I've heard are much higher than the rest of the world), you would have to lower the average IQ. Alternatively, you can look at global IQ and index the CFA pass rate to that lower IQ. Another variable that I think is worth mentioning is the fact that the college cohort that is interested in taking the CFA is probably going to have a higher IQ than a randomized college cohort. You are going to have a disproportionate level of STEM and finance/accounting majors, which consistently rank at the top of average IQ rankings. So that factor will also need an adjustment.

[@zestymince]

@@mohamedmaher1942 Well I thought about those but I think everything averages out though. The higher average cohort regardless of being engineering/finance/etc. students from smaller number of smarter countries will be balanced out by the multitude of lower average cohort from a larger number of countries with weaker cohorts. What is your estimate of the average IQ of a charterholder then? It's pretty difficult for me to continue the discussion without you giving me a figure as well.

[@paris3396]

Taking the test in Nov. I hope it sucks even more!

[@VincentPoetry]

Is there a way to study over a longer period? For instance over 2 years for the CFA 1? I would like to take my time and each time I register to CFA 1, I don't feel ready by the end so I lose motivation within the last few months to the exam.

[@MarkMeldrum]

2 years is too long - max 9 months.

[@krinashah24]

Hii wanted to know which calculator should I prefer buying BA 2 plus or BA 2 plus professional??

[@auyon84]

Hi Mark, do you have a suggested order of going through the study topics for the 2022 L3 exam?

[@stacyliddell5038]

I want to understand something the CFAI said. They said the difficulty of the exam has not changed. If that is true, then a big factor is that the MPS is a lot higher than it has been in previous years. So would that mean that due to a higher MPS the pass rate is much lower given the difficulty is the same? Less people are able to achieve 70% than 65% for example? Is this reasoning sound or am I missing something?

[@theoptimisticjournalist]

What makes CFA Level 2 & 3 so difficult???

[@RR-lj6cs]

they should have applied this logic also to L2 if this theory was implemented

[@zacson94]

Hi guys, I have been practicing the CFA online learning practice questions, are the scores a good gauge of how I'm going to perform in the real exam?

[@brianvodicka9320]

Hi Mark, I think your analysis for P(CFAI pass rate drop due to micro factor | FRM concurrent MPS drop) may be biased by the confirmation bias. In order to estimate the probability of CFAI passing rates dropping due to a micro causation causation in the context of FRM information, it would be most appropriate to estimate the base rates of each and then derive the expected value from the updated conditional probability.

[@imxtramin]

Passed the July exam above 90th percentile. Studied for 200 hours approximately for 4 weeks. I feel like the PM session of the exam was really easy, but I struggled a lot with the AM session. Not sure I will go for Level 2 any time soon. Best of luck to everyone!

[@saptarshisinha]

Focus on the journey, not the destination. Give your best efforts, results aren’t guaranteed.

[@chillpill9813]

Definitely an Internal one for me!

[@AJ-iu6nw]

The 300 hour figure - kind of comparable to accounting shenanigans in my eyes, it's subjective and depends how you look at it. It's hard to give a value to the time spent studying, as there are many types of what you might call "studying". Reading the curriculum could be studying, doing the practice problems could be studying, hell you might even count watching this video as studying. What constitutes "studying" is different under IFRS and US GAAP... ok i kid, but it is definitely a subjective term. 300 hours of what? In my mind, I think that means at least 200 hours of pure question grinding.

[@AkramBedouiEPT]

Am I the only one who thinks that evaluating the "passing rate" like CFA INSTITUTE does (#of people who have passed the exam/ #of candidates) is just STUPID and MEANINGLESS ???!!! When I write an exam, the only and only figure I'm concerned with is how many marks I have to score to pass (is it 60% of all questions? 70% ? etc), I completely don't bother myself by how good other candidates have done and how many failed or passed.

[@ashugurtoo4835]

But mark ...don't u think deffered candidates should do better ...just wondering

[@MarkMeldrum]

It would seem that is not what the data is saying on CFAI’s part, otherwise they would not make the conclusions they did. Same with FRM’s passing score dropping. It appears something about being deferred lowers performance.

[@rizkymumtaza]

If I may add, Mr. Damodaran said that CFA is getting less about finance and more about endurance. After getting deferred once, I can confirm that statement

[@007akshays]

Signed up for Level 1 in Sept for Dec exam and it got deferred to July.

[@subhanil4u]

Mark- What is your advice for Nov 2021 Level 1 candidates who have deferred exam twice? Give mock exams only or to revisit weak areas to revise?

[@dionjaba4975]

I passed in July. Review all sections - uses quizes. Last month do several mocks & review all questions. I noticed i scored lower for sections i was doing very well earlier.

[@dionjaba4975]

I was propably overconfident in those I was good for Feb.

[@faltitudebossareas1882]

When can you enroll into the level 1 august 2022 exam?

[@siddhant_mutha]

GOAT 🐐

[@franklinmt3680]

Where can I get that hat

[@MarkMeldrum]

We will have a charity support sale sometime in early December for them.

[@priyankagarwalla6664]

Hello sir.. I am a science student.. Recently completed my bsc and now I have decided to make my career in Finance.. And want to be a CFA.. Sir but I have a doubt... How should I start .. Because I have no knowledge about finance.. So should I start with any short term finance course to understand the basics.. Or can I directly start with level 1 preparation.. Please guide me Sir.

[@MarkMeldrum]

Level 1 is a basic finance program - so just jump right in.

[@priyankagarwalla6664]

@@MarkMeldrum thank you so much Sir... In which month should I apply for level 1 exam? May22 or July22.. Also I run my business.. If I'll take 4 to 5 hours daily for preparation.. Will it be sufficient.. Or should I study more?

[@MarkMeldrum]

There is no July exam in 2022 - so it would be May. As far as how much time you need - I direct back to the video - start at 15:30

[@priyankagarwalla6664]

@@MarkMeldrum okay sir.. Thank you Sir

[@johntrolle8935]

To all candidates: 300 hrs should only be your REVISION TIME - Time required to go over and internalize the material is easily 2x that. Also, makes sense for the exam to get harder, as it is now offered multiple times per year as opposed to once per back in my time. Good luck to all and keep grinding.

[@remiglesinvestments2365]

Multiple exam dates through the year makes a little advantage to a candidate, meanwhile if there will be trend to further complicate an already difficult exam - its not a benefit for average candidate. I think they want to raise a hurdle rate and grant charter only really smart guys... and rip off the money from the rest)

[@remiglesinvestments2365]

Have you read new cases? For example L2 Trana Case Scenario and may others - far more difficult than most of the old EOCQ.

[@johntrolle8935]

@@remiglesinvestments2365 How is multiple times per year not an advantage? Back in the day, having to wait one extra year -with a changing curriculum-was a critical component of ppl dropping out of the program.

[@remiglesinvestments2365]

​ @John Trolle I said: a little advantage in compare with perceived further complicating. May be it's even disadvantage: not a fact that additional attempts will increase you chances + less time to prepare between attempts and limited number of attempts per level (since 2021) may decrease possibility of passing. Although, 6 attempts per level is enough to understand that candidate is not able to pass. I'd think that even 3-4 is enough.

[@legendunited152]

I cleared level 1 July above the 90 percentile with 70 plus in all subjects All using self study with no finance background

[@saritbunty2901]

Connect with me on facebook please....share your link

[@priyankagarwalla6664]

Brother I am a science student.. Just completed my Bsc.. And now I want to go for CFA.. Can you please help me?

[@legendunited152]

@@priyankagarwalla6664 Sure, what help do you need?

[@legendunited152]

@@saritbunty2901 I will help you here, post your doubts and I will clear them to the best of my ability

[@asjjfka524]

mark i saw that you compared it to other exams. Do you think it might be appropriate to compare it to the actuarial exams also? (Society of Actuaries)

[@puneetkajla9823]

Perfect point at the end : Whats the motivation : Internal or External ?

[@mr.wonderful4737]

I failed the July exam, I was caught totally off-guard by the amount of content that is required. The math and concepts it self is not that hard, I have an economics degree and the math came no where near close.

[@alec1115]

Whoa!

[@himanshugupta05]

I have cleared L1 in July with greater than 90%. Want to go for L2 in August 22. Mark sir do you provide any disounts on the full course, it is not feasible for me buy myself since I am just a student

[@datthieu]

What percentage did your sections pass?

[@himanshugupta05]

@@datthieu all sections passed with good percentile